The signing of the document will be carried out on behalf of the government by the head of the National Investment Agency, Ravshanbek Sabirov.
It was previously reported that the total amount of the deal will be $162 million.
According to the terms of the agreement, upon its completion, a joint venture will be established with OJSC "Kyrgyzaltyn," where Silvercorp Metals, Inc. will hold a 70% stake, making it the operator, while "Kyrgyzaltyn" will receive 30% without any financing obligations.
The National Investment Agency will receive $70 million, which will be paid in two tranches: $60 million will become available after the extension of the subsoil use license until 2062, and the remaining $10 million will be provided upon the fulfillment of a number of conditions.
CJSC "Chaarat ZAV" expects to receive $92 million, provided that the government waives its preemptive rights to the projects. This company is a subsidiary of the British Chaarat Gold Holdings Ltd.
The work on the projects will be divided into two phases.
In the first phase, which will last from 2026 to 2028, the development of an open-pit mine at the Tulkubash deposit will begin using heap leaching technology. The planned processing will be 4 million tons of ore per year, with an expected annual output of 110,000 ounces of gold. Investments at this stage will amount to $150 million.
The second phase, scheduled for the period from 2028 to 2031, will focus on the development of the Kyzylbash sulfide deposit using both open-pit and underground mines, as well as flotation, bacterial oxidation, and carbon-in-leach (CIL) technologies. The expected annual output during this period will be between 190,000 and 230,000 ounces of gold, with investments of about $400 million.
